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Andrew Jamieson, cabinet member for finance, said, since the 2004 sale of the bulk of shares, the council had not received any dividends from the shares which it had retained.

He said: "In fact, it has tended to cost us, because of the due diligence required each time the airport has refinanced its loans."

Legislator 1656 Ltd - an arms-length company jointly owned by the two councils - had previously agreed to sell its 4.9pc share.

As part of the deal there would also be a legally binding agreement meaning that for the next 15 years bi-annual meetings would be held between airport and council bosses "to exchange information".

Deputy leader Graham Plant said the sale would help the airport achieve its ambitions.

He said: "They are looking to increase their turnover from £70m to £140m and this will help with that.

"From my point of view, this is a good sale."

And Bill Borrett, cabinet member for adult social care, public health and prevention, said: "I support their objective of growing the airport, because I think it will be a generator of jobs and prosperity, not just for Norwich, but for the whole of the county."

The amount which the councils will be paid for the sale of their stakes has not been made public.